• Strategy
  • CFO Magazine

MVPs of MVA

Which companies created the most wealth for shareholders last year? Enter MVA -- or market value added.

2003 MVA Rankings
Tier 3: 25 largest market-cap companies with sales below $700 million
2002 1999 Company name MVA MV Capital EVA Sale Growth1 Performance2 Risk3
1 7 Linear Technology Corp 9,025 9,584 559 27 558 -4% 52% 45%
2 174 Gilead Sciences Inc 7,956 9,754 1,798 (135) 467 176% 43% 92%
3 70 Idec Pharmaceuticals Corp 4,077 5,829 1,753 (57) 404 243% 28% 96%
4 47 Microchip Technology Inc 3,133 4,331 1,198 (89) 649 42% 20% NA
6 71 Westwood One Inc 2,879 4,129 1,250 (14) 551 54% 49% 57%
7 157 Pixar 2,709 3,285 577 31 202 67% 98% NA
8 111 Sei Investments Co 2,447 2,766 318 109 621 36% 96% 35%
9 14 Citrix Systems Inc 2,391 3,558 1,167 (197) 527 31% 6% 94%
10 25 Mercury Interactive Corp 2,358 3,016 658 (125) 400 113% 13% 97%
11 23 Qlogic Corp 2,240 3,587 1,347 (163) 411 120% 15% NA
12 1 Juniper Networks Inc 2,126 4,539 2,413 (427) 547 433% 16% 98%
13 384 Memc Electronic Matrials Inc 2,107 2,755 648 (21) 687 -1% NA NA
14 1232 Scios Inc 2,069 2,422 353 (112) 111 83% NA NA
15 286 Patterson-Uti Energy Inc 1,883 2,652 769 (81) 528 248% 57% NA
16 608 Chicos Fas Inc 1,847 2,123 276 38 494 253% 99% 93%
17 67 Ensco International Inc 1,843 4,363 2,521 (117) 698 92% 32% 87%
18 28 Sepracor Inc 1,807 2,577 770 (349) 239 955% NA NA
20 108 Rcn Corp 1,737 4,369 2,632 (1,090) 457 66% NA NA
21 102 Gentex Corp 1,723 2,268 545 37 395 51% 92% NA
22 477 Brown & Brown Inc 1,672 2,132 460 63 456 158% 100% 59%
23 . Jetblue Airways Corp 1,589 3,132 1,543 (15) 635 NA 49% NA
24 474 Fair Isaac Corp 1,562 2,579 1,018 (55) 454 63% 25% 89%
25 185 Entercom Communications Corp 1,547 3,052 1,505 (59) 391 82% 47% 88%
27 49 Hispanic Broadcasting -Cl A 1,520 2,843 1,323 (94) 257 30% 20% 74%
31 141 Cephalon Inc 1,407 3,126 1,719 23 507 1028% 55% 100%
32 173 Intl Speedway Corp -Cl A 1,400 2,380 979 20 556 70% 74% 40%
34 498 Education Management Corp 1,364 2,117 753 30 582 105% 93% 94%
36 287 Sicor Inc 1,351 2,200 849 49 456 99% 97% 90%
37 43 Nextel Partners Inc 1,328 3,005 1,677 (349) 671 1950% NA NA
42 216 Valley National Bancorp 1,233 2,222 989 45 595 25% 80% 22%
46 1491 Capitol Federal Financial 1,201 2,193 992 (1) 587 43% 56% 6%
56 137 Cox Radio Inc -Cl A 1,101 2,929 1,828 (89) 421 40% 49% 85%
65 363 Philadelphia Suburban Corp 1,039 2,497 1,458 12 322 25% 68% 79%
66 427 Paxson Comm Corp -Cl A 1,032 2,256 1,224 (339) 270 28% NA NA
74 62 Ameritrade Holding Corp 955 2,135 1,181 (64) 443 41% NA NA
82 493 Leucadia National Corp 922 2,131 1,208 (111) 242 -66% 3% 43%
84 117 Rowan Cos Inc 919 2,738 1,820 (161) 617 34% 12% 94%
93 369 Getty Images Inc 830 2,153 1,323 (107) 463 87% 35% 93%
99 167 Newfield Exploration Co 789 2,700 1,911 (21) 662 135% 77% 95%
105 392 Lee Enterprises 764 2,185 1,421 20 589 45% 81% 75%
113 84 Checkfree Corp 689 2,634 1,945 (350) 518 88% 13% 96%
359 . Westport Resources Corp 258 2,218 1,960 (131) 428 480% NA NA
502 158 Radio One Inc 167 2,237 2,069 (13) 286 310% 57% 100%
641 88 Intersil Corp -Cl A 112 2,539 2,427 (262) 650 22% 7% 90%
795 1437 Extended Stay America Inc 70 2,337 2,267 (65) 548 31% 27% 90%
929 186 Emmis Communictns Cp -Cl A 37 2,326 2,289 (142) 554 82% 23% 97%
1370 177 Invitrogen Corp (134) 2,204 2,338 (203) 649 849% 18% 99%
1493 1509 Stewart Enterprises -Cl A (866) 2,462 3,328 (127) 559 -27% NA NA
1495 30 Millennium Pharmactcls Inc (920) 3,684 4,604 (653) 353 92% 12% 98%
1506 8 Ciena Corp (2,036) 2,268 4,304 (1,537) 269 -50% 0% 99%
Notes: All values — except for the performance and risk measures — are in millions. MVA rankings are based on all Tier-1 companies. Since some Tier-1 companies have low MVA rankings, numbers are not sequential. 1Three-year cumulative aggregate sales growth. 2Indicates the company’s ranking for operating performance relative to Russell 1,000 companies. The measure runs from 0 to 100. The higher the number, the stronger the company’s operating performance. 3Indicates the company’s ranking for risk relative to Russell 1,000 companies. The measure runs from 0 to 100. The lower the number, the less risky the company.

Discuss

Your email address will not be published. Required fields are marked *